The Connecticut General Assembly tried to do a good thing by putting limits on how much money property managers can write checks for without prior approval from the board of directors or for requiring the signature of a board member.
Our legislators trusted the boards of directors to set reasonable limits. Big mistake in some complexes where boards of directors went along without questioning why property managers should be able to write $10,000 checks, eliminating a critical safety check.
And that took place as police, courts and accountants attempt now to unravel how a Westport property management employee made off with more than $1,000,000 from at least 9 Fairfield County condo complexes.
The $10,000 issue was brought to light by Linda DeNoia of Norwich, who read the minutes of the New Concord Green condo association which said that based on the request of its property manager it was giving it approval to write up to five digit checks.
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